Mizuho Securities Starts Energen (EGN) at Buy

October 5, 2016 4:15 PM EDT
Get Alerts EGN Hot Sheet
Price: $60.39 -0.28%

Rating Summary:
    22 Buy, 14 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Mizuho Securities initiates coverage on Energen (NYSE: EGN) with a Buy rating and a price target of $70.00.

Analyst Timothy Rezvan commented, "EGN shares have rallied with oily E&Ps since February, but we see idiosyncratic catalysts supporting our bullish thesis. Energen's pristine balance sheet and capital efficient growth opportunity from its uncompleted well inventory and new higher proppant completions suggest '17 growth may exceed informal guidance provided by a perpetually conservative management team. EGN shares have lagged Permian peers in '15 and YTD. A correction seems warranted, given the streamlined portfolio and improvements in well performance from "Gen 3" completions not currently baked into guidance or type curves."

For an analyst ratings summary and ratings history on Energen click here. For more ratings news on Energen click here.

Shares of Energen closed at $57.02 yesterday.



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